ClaimBuddy, a health insurance startup, has scooped up $5 Million from Bharat Innovation Fund, Japanese fund CAC Capital, and existing investors featuring Rebright Partners and Chiratae Ventures, in a series A funding. The Gurgaon-based company has secured the second notable funding since it was founded in 2020.
ClaimBuddy utilises advanced technology and efficient operations to ensure smooth and hassle-free health insurance claims for both hospitals and patients.
The information sourced from the company's website states that it has settled more than 500 crore claims, tied up with 250+ hospitals, and assisted over 35,000 patients.
The company, which operates in six cities, has received investments from Rebright Partners, Chiratae Ventures, Titan Capital and Lets Ventures. So far, the company has mopped up INR 50 crore including $3 million in Feb 2022.
Before the latest investment, Chiratae Ventures happened to be the largest external stakeholder with a 9.77% share followed by Rebright Partners and LetsVenture. The company's co-founders Khet Singh and Ajit Patel took a share of 55.62% in the entity.
ClaimBuddy's revenue surged 1.8X to INR 6.14 crore in FY23 compared to INR 3.36 crore in FY22, according to startup industry news India.
The latest investment will help ClaimBuddy improve its technology, extend its sales network, as well as enhance product lines for its partner hospitals for health insurance claims.
YFS Shares Opinion on ClaimBuddy's Latest Funding
The latest funding gained by ClaimBuddy reinforces confidence among investors in its robust business model. An impressive claim settlement record of over 500 crore claims is a testament to the same, reckons Your First Startup (YFS).